Charles W. Fish is the Chairman and Chief Executive Officer of CHARLES FISH INVESTMENTS, INC. (CFI) which is located in Irvine, California. Prior to starting his firm in 1984 Mr. Fish was Vice President of Smith Barney, Harris Upham (1981-1985), and Vice President and Manager of Crocker
National Bank (1970-1980).

Mr. Fish served three years on the Professional Qualifications Committee of the Municipal Securities Rulemaking Board (MSRB) and two years on the Board of Directors of the Public Securities Association, District Four. From October 1990 to September 1993 he was a Board member of the MSRB. He was elected Chairman of that Board in 1992 and served in this role during his third and final year as a member. He is currently a member of the California Society of Municipal Analysts and the National Federation of Municipal Analysts.

Mr. Fish is a nationally recognized expert in the field of municipal bonds and was called upon both in 1993 and 1995 to testify before committees of the U. S. House of Representatives.

“Skip”, as he is known to his friends, earned a Bachelor of Science degree from Utah State University, before serving as an officer in the United States Marine Corps from 1965 to 1970.

Betsy C. Shelton is Vice President, Senior Portfolio Manager and Chief Compliance Officer for CFI, having joined the firm in 1996 with more than twenty years of experience in the securities industry. She has a thorough understanding of all aspects of the fixed income sector.

Betsy began her fixed income career at Goldman Sachs and later held positions as a Municipal Bond Trader and Underwriter at the former Bateman Eichler, Hill Richards, Inc. Prior to joining CFI, she was Vice President of Institutional Sales at First Boston Corporation and Dean Witter. During her career, she has co-managed the common trust fund at Security Pacific National Bank, designed a client handbook on short-term securities and published newsletters for portfolio managers and government finance officials concerning the technical factors influencing the bond markets. Through the years, Betsy has worked closely with local municipalities, advising them on their debt issuance to ensure bondholder protection and recourse. Her current responsibilities include portfolio management, researching, evaluating and monitoring client assets, performing impact analyses on regulatory,
judicial and legislative issues. Betsy is a member of the California Society of Municipal Analysts and the National Federation of Municipal Analysts.

A former arbitrator for the Municipal Securities Rulemaking Board (MSRB), Betsy has instructed numerous investment professionals with respect to SEC, NASD and MSRB regulations. As CFI’s Chief Compliance Officer, she is responsible for both firm and employee compliance with a variety of state and federal agencies. Betsy has served on the Board of Directors of the Girl Scouts of America and as a member of the investment committee of several non-profit organizations. She holds a degree in economics from the University of Redlands and has completed advanced studies through UCLA, UCI and AIMR.

Kathleen Thompson is CFI’s Vice President of Operations. When Kathy joined CFI in 1994, she brought with her more than twenty-five years of experience in the financial securities industry in the employ of major brokerage firms and commercial banks in California, including Standard Chartered Bank, Security Pacific National Bank, American Savings Bank, Shearson Lehman and Wells Fargo Bank. During those years, Kathy gained extensive experience in the sale of all types of fixed income securities to both high-net-worth individuals and institutions. She has broad knowledge of the complex operations necessary for processing all types of securities, working with mutual funds for individuals, trust services, securities dealers, and dealer banks.

All this experience has proven vital to CFI, where Kathy is responsible for all client accounting, statistical analysis of portfolio performance, and all operational aspects of buy and sell transactions. Additionally, she is responsible for coordinating with all safekeeping agents and reconciling all custodian statements. Kathy prepares all client gain/loss and income reports designed to aid in the preparation of tax filing and executes all client operations requests.

Kathy attended Loyola University and is a Municipal Securities Rulemaking Board Registered Representative, Series 52.

Mary T. Schiavone joined CFI in 2002 as Vice President and Senior Analyst. Mary has over thirty years experience in the securities industry and is a CFA Charterholder.

Prior to joining CFI, Mary led the municipal bond effort at Seneca Capital Management, where, during her ten years as Fixed Income Portfolio Manager, she was responsible for all separately managed municipal bond portfolios. As Assistant Manager of Investments at NORCAL Mutual Insurance Company, Mary was responsible for managing the municipal bond portfolio and assisting in overall management of the taxable fixed income and equity portfolios. She has extensive experience in portfolio management and trading and during her career has held portfolio and account management positions at BAIMCO, Wells Fargo Bank, First Interstate Bank of Denver and Merus Capital Management.

Mary received her B.A. in philosophy from Northwestern University and her M.B.A. in Finance from the University of California at Berkeley. Additionally, Mary is a California Tax Education Council (CTEC) Registered Tax Preparer.